US Republican politicians continue to assert that the American people will not accept an increase in taxes to help pay down the national debt. They are spreading this maneur to protect a select few. Repeated polls attest no evidence of this assertion. There is little disagreement that the American government is much too big and that its maintenance places undue burden on the private sector. But the fact is that most Americans who have been polled express an understanding that the path back to fiscal health is multi-faceted: government downsizing, military budget cuts, an end to financial bail-outs, entitlement reforms, an expiration of the Bush tax cuts, higher taxes on consumption and a removal of non-productive tax loop holes.
Over the past 20 years I have done financial counselling for hundreds of families including my own. Key elements of every plan for a better future include paying down debt, increasing savings and controlling spending. It’s just common sense.